Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Property and Equipment
Property and equipment, net, consists of the following at December 31, 2022 and December 25, 2021:
Estimated
Useful Life
  (Years) 2022 2021
Leasehold improvements life of lease 17,445  11,773 
Machinery and equipment 3 - 10 416,512  366,198 
Computer equipment and software 3 - 5 68,410  64,648 
Furniture and fixtures 6 - 8 7,888  5,390 
Construction in process 13,455  10,372 
Property and equipment, gross 523,710  458,381 
Less: Accumulated depreciation 333,452  284,069 
Property and equipment, net $ 190,258  $ 174,312 
Summary of Goodwill
Goodwill amounts by reportable segment are summarized as follows:
Goodwill at Goodwill at
December 25, 2021
Acquisitions (2)
Disposals
Other(1)
December 31, 2022
Hardware and Protective Solutions $ 574,698  $ (158) $ —  $ 204  $ 574,744 
Robotics and Digital Solutions 220,936  —  —  —  220,936 
Canada 29,737  —  —  (1,605) 28,132 
Total $ 825,371  $ (158) $ —  $ (1,401) $ 823,812 
(1)The "Other" change to goodwill relates to adjustments resulting from fluctuations in foreign currency exchange rates for the Canada and Mexico reporting units.
(2)The amount relates to the OZCO acquisition, see Note 6 - Acquisitions for additional information.
Schedule of Intangible Assets Other intangibles, net, as of December 31, 2022 and December 25, 2021 consist of the following:
  Useful Life
(Years)		 December 31, 2022 December 25, 2021
Customer relationships 13 - 20 $ 963,622  $ 965,054 
Trademarks - indefinite Indefinite 85,275  85,591 
Trademarks - other 7 - 15 31,387  29,000 
Technology and patents 5 - 12 68,451  67,750 
Intangible assets, gross 1,148,735  1,147,395 
Less: Accumulated amortization 414,275  352,695 
Intangible assets, net $ 734,460  $ 794,700 
Schedule of Intangible Assets Other intangibles, net, as of December 31, 2022 and December 25, 2021 consist of the following:
  Useful Life
(Years)		 December 31, 2022 December 25, 2021
Customer relationships 13 - 20 $ 963,622  $ 965,054 
Trademarks - indefinite Indefinite 85,275  85,591 
Trademarks - other 7 - 15 31,387  29,000 
Technology and patents 5 - 12 68,451  67,750 
Intangible assets, gross 1,148,735  1,147,395 
Less: Accumulated amortization 414,275  352,695 
Intangible assets, net $ 734,460  $ 794,700 
Schedule of Future Amortization Expense
Estimated annual amortization expense for intangible assets subject to amortization at December 31, 2022 for the next five fiscal years is as follows:
Fiscal Year Ended Amortization Expense
2023 $ 62,244 
2024 62,225 
2025 61,469 
2026 57,065 
2027 54,317 
Thereafter $ 351,402 
Summary of Disaggregation of Revenue
The following table disaggregates our revenue by product category:
Hardware and Protective Solutions Robotics and Digital Solutions Canada Total Revenue
Year Ended December 31, 2022
Fastening and Hardware $ 834,493  $ —  $ 155,066  $ 989,559 
Personal Protective 242,320  —  1,161  243,481 
Keys and Key Accessories —  193,633  3,344  196,977 
Engraving and Resharp —  56,264  47  56,311 
Consolidated $ 1,076,813  $ 249,897  $ 159,618  $ 1,486,328 
Year Ended December 25, 2021
Fastening and Hardware $ 740,088  $ —  $ 149,165  $ 889,253 
Personal Protective 284,886  —  397  285,283 
Keys and Key Accessories —  190,697  1,826  192,523 
Engraving and Resharp —  58,831  77  58,908 
Consolidated $ 1,024,974  $ 249,528  $ 151,465  $ 1,425,967 
Year Ended December 26, 2020
Fastening and Hardware $ 706,865  $ —  $ 131,493  $ 838,358 
Personal Protective 317,527  —  239  317,766 
Keys and Key Accessories —  157,828  2,878  160,706 
Engraving and Resharp —  51,459  6  51,465 
Consolidated $ 1,024,392  $ 209,287  $ 134,616  $ 1,368,295 
The following table disaggregates our revenue by geographic location:
Hardware and Protective Solutions Robotics and Digital Solutions Canada Total Revenue
Year Ended December 31, 2022
United States $ 1,055,145  $ 245,634  $ —  $ 1,300,779 
Canada 7,765  4,263  159,618  171,646 
Mexico 13,903  —  —  13,903 
Consolidated $ 1,076,813  $ 249,897  $ 159,618  $ 1,486,328 
Year Ended December 25, 2021
United States $ 1,004,803  $ 246,494  $ —  $ 1,251,297 
Canada 7,326  3,034  151,465  161,825 
Mexico 12,845  —  —  12,845 
Consolidated $ 1,024,974  $ 249,528  $ 151,465  $ 1,425,967 
Year Ended December 26, 2020
United States $ 1,007,135  $ 207,283  $ —  $ 1,214,418 
Canada 7,789  2,004  134,616  144,409 
Mexico 9,468  —  —  9,468 
Consolidated $ 1,024,392  $ 209,287  $ 134,616  $ 1,368,295